FLC Chairman Trinh Van Quyet arrested for stock market manipulation
The Ministry of Public Security's Investigation Police Agency on March 29 decided to launch criminal proceedings against and arrest Trinh Van Quyet, Chairman of the FLC Group Joint Stock Company, pending investigations into suspicion of stock market manipulation.
Trinh Van Quyet, Chairman of the FLC Group Joint Stock Company (Photo: VNA)
Hanoi (VNA)– The Ministry of Public Security's Investigation Police Agency on March 29 decidedto launch criminal proceedings against and arrest Trinh Van Quyet, Chairman of the FLC Group Joint Stock Company, pending investigations into suspicion of stockmarket manipulation.
Lieut. Gen. To An Xo, Chief of the Officeand Spokesman of the Ministry of Public Security, said that thearrest is to investigate Quyet and concerned individuals in FLC, BOS SecuritiesJSC and related companies on the act of "manipulating the stockmarket" and "concealing information in securities activities" on January10, 2022, causing serious damage to investors and affecting operations ofVietnam's stock market.
According to the investigation agency,Quyet would be charged with “manipulating the stock market" in line withArticle 211 of the Penal Code.
The agency also searchedresidences and workplaces of the concerned individuals at 21 venues.
On January 10, Quyet sold74.8 million FLC shares without any reports and notifications in advance asstipulated in regulations, triggering public concern and pushing the stockmarket in chaos.
The StateSecurities Commission of Vietnam (SSC) immediately decided to block Quyet’ssecurities accounts to prevent him from committing other illegal acts.
The SSC also asked the Ho Chi Minh CityStock Exchange (HoSE) to cancel the transactions of the 74.8 million FLC shares.Many investors were refunded.
On January 18, the commission issued anotherdecision under which Quyet was fined 1.5 billion VND (65,600 USD), the heaviestpenalty in line with regulations, and banned him from stock tradingactivities for five months.
It was the secondtime that Quyet was fined by the SSC for the same offence. In 2017, he wasfined 65 million VND for selling 57 million FLC shares without proper notice./.
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Trinh Van Quyet, Chairman of the FLC Group Joint Stock Company (Photo: VNA) 
